Do you need help with avoiding foreclosure living in the city of New York?
The good news is that New York has programs and government assistance to help you avoid foreclosure. You need to act fast if you are having trouble making monthly mortgage payments or have fallen behind on your mortgage loan payments. A misconception is that many homeowners think that if they are in default getting assistance to avoid foreclosure is not possible. However, the biggest thing that holds most homeowners back is their failure to act in enough time when trying to avoid foreclosure.
There is a lot of shame and embarrassment that comes with foreclosure. Homeowners shouldn’t feel ashamed because of many life changes can happen to impact financial situations.
Where To Get New York Foreclosure Help Fast
Every second count and the longer a homeowner waits to contact their mortgage lender to communicate that they are experiencing financial hardship determines the outcome. When a homeowner waits until the last minute fewer options will be available to avoid foreclosure.
The foreclosure process in New York currently takes about 445 days (15 months) from the date of the first missed payment to the sale of the home.
Foreclosure sales in New York are by public auction, usually at a county courthouse. The home is sold to the highest bidder and anyone, including the lender, may bid. Once payment is made and the sale is complete the winning bidder takes ownership of the property.
Once a sale is complete, you have no right of redemption. You lose your house.
These are the top programs and governmental assistance resources available to avoid New York foreclosure.
New York State Mortgage Assistance Program – The New York State Mortgage Assistance Program is administered by the Center for NYC Neighborhoods, a non-profit organization that promotes and protects affordable homeownership. Loans are made by Sustainable Neighborhoods LLC, a wholly-owned subsidiary of the Center.
Amount – NYS-MAP provides a 0% interest mortgage loan up to $80,000 to eligible New York homeowners at risk of foreclosure.
Eligibility Requirements – The homeowner must have experienced financial hardship and must demonstrate an ability to afford their housing payments after receiving assistance. There are other requirements a homeowner must also meet in order to be eligible, which the housing counselor or legal services provider we refer you to will explain in detail.
Use Of Funds – Funds may be used to bring a mortgage current, help get a modification, pay off a mortgage or property tax arrears, or settle other debts that could lead to foreclosure.
Loan Terms – Loans made under NYS-MAP are mortgage loans that carry 0% interest. No monthly installment payments are required on the loan during its term but the full principal amount is due on the sale or refinance of the home or upon default.
HUD sponsors housing counseling agencies throughout the country to provide free or low-cost advice. Search online for a housing counseling agency near you, or call HUD’s interactive voice system at (800) 569-4287.
Get Legal Assistance
If you do not have a lawyer, call the New York State Bar Association’s Lawyer Referral Program at (800) 342-3661 to find one. If you do not think you can afford a lawyer, you may qualify for free legal assistance. For more information, you can call the Legal Aid office in your area, visit Law Help at www.lawhelp.org or call our Foreclosure Relief Hot Line at (800) 269-0990 for assistance in locating free legal services in your area.